Property values for the city of Murphy grew more than anticipated over the past year, surpassing property value estimates released in spring, but reflect a slowing in growth as the community nears buildout.
Collin Central Appraisal District released its certified property values Thursday, July 16, as cities prepare new operating budgets. Most school districts have already approved fiscal year 2019-20 budgets and will amend those documents as necessary.
Tax rates based on the certified property values will be set over the next two months.
In Murphy, the CCAD calculated property values at $2.6 billion, up four percent from the 2018 value of $2.5 billion. The new number included $12 million in new property. Average home price in Murphy is now $392,592.
By Joe Reavis • [email protected]